BTC Surpasses $100,000 Mark for the First Time since February; Concurrently, an ICO Offers Bitcoin for Free to Investors
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The cryptocurrency market is seeing some action, with Bitcoin surging over 3% in the past 24 hours, trading at $102,679.68 as of 10:23 p.m. EST. Traders are going all in on the digital gold.
This recent boost has pushed Bitcoin's weekly performance deeper into the green zone, surpassing 5%. It's also broken above the $100K mark for the first time since January 20, according to TradingView data.
Bullish Channel Formation for Bitcoin Price - How High Will It Climb?
The Bitcoin price has seen a series of higher highs and higher lows in the past two weeks, leading to the creation of a bullish channel. This trend has allowed Bitcoin to breach the resistance level of $98,371.71 in the recent days. If the bullish trend continues, Bitcoin might target the $107,963.22 barrier next.
However, if Bitcoin exits the ascending channel within the next 48 hours, it could signal the end of the rally. In this more bearish scenario, Bitcoin might retest the $98,371.71 level, this time as support. With continued selling pressure, it could even drop to $88,023.04. In an extremely bearish case, the Bitcoin price might plummet to $77,926.75.
Technical Analysis on the Daily Chart Indicates Continued Rise for Bitcoin Price
Looking at technical indicators on the daily chart, it seems the Bitcoin price might continue to rise in the next 24 hours. Both the Moving Average Convergence Divergence (MACD) and the Relative Strength Index (RSI) show positive signs.
Over the past 48 hours, the MACD line has rebounded off the Signal line, with the former being above the latter, creating a bullish orientation. The gap between the two lines is growing, indicating renewed bullish momentum.
Meanwhile, the RSI also triggered a major bullish technical flag after it broke above its Simple Moving Average (SMA) on the daily chart in the past few days. Traders typically view this technical development as a sign that buyers have regained control over sellers.
Even though an RSI value above 70 generally suggests higher downside potential for a crypto, instances have occurred where the RSI remains high for extended periods, especially during a rally.
In conclusion, the bullish channel formation combined with the expanding gap between the MACD and Signal lines points towards a bullish scenario. If the current positive trend persists, the Bitcoin price might aim to flip the $107,963.22 barrier into support in the next 48 hours.
With Bitcoin showing bullish tendencies and breaking the $100K mark again, investors are piling into the presale for BTC Bull Token (BTCBULL). YouTuber 99Bitcoins, with over 725K subscribers, is bullish on the crypto, predicting it could skyrocket 10X after its launch.
A Meme Coin Offering Free Bitcoin Through Airdrops
BTC Bull Token is a unique meme coin, unlike any that came before it. Based on the belief that Bitcoin will reach $1 million per coin and beyond, the project has set specific goals for the Bitcoin price, triggering airdrops.
The first Bitcoin airdrop will occur when Bitcoin hits $150K for the first time, with subsequent airdrops happening every time Bitcoin ascends $50K. The project also plans to burn tokens along the way, increasing scarcity and boosting demand.
The token burns will follow the same milestone-based approach as the airdrops, starting when Bitcoin hits $125K for the first time. With every $25K increase in Bitcoin's price, tokens will be removed from the supply.
BTCBULL could be a compelling Bitcoin play for retail investors, especially as institutions like Strategy, Semler Scientific, BlackRock, and Metaplanet aggressively buy Bitcoin.
BTCBULL Presale Near $6 Million
Investors are eager to buy BTCBULL before its presale ends, having already invested over $5.4 million into the project's ongoing ICO.
If you want to be a part of this ground floor opportunity, you can easily buy BTCBULL through the simple widget on the project's website using either crypto or a bank card. Keep in mind that another presale price increase is expected in approximately 6 hours, so don't miss out!
Check out BTCBULL.
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- As the cryptocurrency market shows signs of growth with Bitcoin's recent surge, traders are keenly looking at investment opportunities like the BTC Bull Token (BTCBULL) presale, which could potentially offer significant returns if Bitcoin's price continues to escalate.
- With Bitcoin breaking the $100K mark again, investors are increasingly interested in technology-driven investment vehicles, such as BTC Bull Token, that capitalize on the upward trend in the cryptocurrency market, thanks to advancements in finance and technology.
